RockBridge and Equis Building Homewood Suites
Maryland Height, Missouri
COLUMBUS, OH, August 22, 2006. Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of its $10,500,000 first mortgage investment to develop a 104-room Homewood Suites in Maryland Height, Missouri. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Homewood Suites site is located in the Riverport Business Park, which offers over one million square feet of office and light industrial space and is home to the HMB Bank Amphitheater and Harrah's Casino. The site is also located within two miles of the 11.5 million square foot Earth City Business Park and historic St. Charles, and six miles west of St. Louis-Lambert International Airport. Homewood Suites is Hilton Hotel's upscale extend-stay hotel brand. The improvements will be comprised of a 3-story building containing a combination of studio, one-bedroom, and two-bedroom suites providing distinct living and sleeping areas, an indoor pool, exercise room, business center, sundry shop, and sport court.
The Sponsor is St. Louis based Equis Hospitality Management ("Equis"), which was founded by the Mullenix family in 1964. In addition to the Homewood Suites, Equis currently manages four hotels in the St. Louis area, including the nearby Residence Inn in Earth City, and has Homewood Suites and Westin projects under development in Richmond Heights, MO. Commenting on the transaction, Merkel indicated, "We are pleased to have completed our eighth investment with Equis, which has a strong niche as a developer/owner/operator of high-quality lodging assets in the St. Louis market. Over the past two years, our relationship with Equis has continued to evolve, and we are looking forward to making more investments with them."
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